RIYADH: Seven OPEC+ member countries including Saudi Arabia, Russia, Iraq and Kuwait, as well as Kazakhstan, Algeria and Oman, that had earlier announced additional voluntary output adjustments in April and November 2023, held a virtual meeting on July 5 to review the most recent developments and outlook for the oil market.
In accordance with their commitment to maintain oil market stability, the seven participating nations decided to apply an adjustment to production rates of 188,000 barrels per day from the total additional voluntary changes announced in April 2023. The change will come into effect in August.
The extra voluntary adjustments announced in April 2023 may be reinstated, in whole or in part, as market conditions warrant. The participating countries will keep a careful watch on and assess the market situation.
The seven countries underscored the importance of remaining vigilant and fully flexible in increasing, pausing, or reversing the slow unwinding of voluntary production adjustments, including reversing the voluntary adjustments announced in November 2023, as part of their continuing efforts to support market stability.
Also Read:
Dr. Sofica Bistriceanu: Bridging Medicine, Research, And Human Connection
Volkan Çalışıyor — Redefining Design Through Strategy, Technology & Multidisciplinary Thinking
